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TRTX

TPG RE Finance TrustNYSE:TRTX Stock Report

Market Cap

US$989.3m

7D

1.3%

1Y

55.6%

Updated

26 Sep, 2021

Data

Company Financials +
TRTX fundamental analysis
Snowflake Score
Valuation2/6
Future Growth3/6
Past Performance2/6
Financial Health2/6
Dividends3/6

TRTX Overview

TPG RE Finance Trust, Inc., a commercial real estate finance company, originates, acquires, and manages commercial mortgage loans and other commercial real estate-related debt instruments in North America.

TPG RE Finance Trust Competitors

Annaly Capital Management

NYSE:NLY

US$12.8b

AGNC Investment

NasdaqGS:AGNC

US$8.5b

Starwood Property Trust

NYSE:STWD

US$7.3b

New Residential Investment

NYSE:NRZ

US$5.2b

Price History & Performance

Summary of all time highs, changes and price drops for TPG RE Finance Trust
Historical stock prices
Current Share PriceUS$12.84
52 Week HighUS$7.57
52 Week LowUS$14.55
Beta1.97
1 Month Change0.47%
3 Month Change-7.49%
1 Year Change55.64%
3 Year Change-35.86%
5 Year Changen/a
Change since IPO-34.42%

Recent News & Updates

Jun 16

TPG RE Finance Trust redeems 11% Series B Cumulative Redeemable Preferred Stock

TPG RE Finance Trust ([[TRTX]] +1.1%) has redeemed all 9M outstanding 11% Series B Cumulative Redeemable Preferred Stock for approximately $247.5M.As no shares of Series B Preferred Stock remain outstanding, dividends will no longer accrue or be declared.A quick look at the latest balance sheet.

May 04

TPG RE Finance Trust beats on revenue

TPG RE Finance Trust (TRTX): Q1 GAAP EPS of $0.30.Revenue of $37.95M (-12.4% Y/Y) beats by $0.51M.Press Release

Shareholder Returns

TRTXUS Mortgage REITsUS Market
7D1.3%1.2%0.1%
1Y55.6%38.2%35.3%

Return vs Industry: TRTX exceeded the US Mortgage REITs industry which returned 38.2% over the past year.

Return vs Market: TRTX exceeded the US Market which returned 35.3% over the past year.

Price Volatility

Is TRTX's price volatile compared to industry and market?
TRTX volatility
TRTX Beta1.97
Industry Beta1.48
Market Beta1

Stable Share Price: TRTX is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: TRTX's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2014n/an/ahttps://www.tpgrefinance.com

TPG RE Finance Trust, Inc., a commercial real estate finance company, originates, acquires, and manages commercial mortgage loans and other commercial real estate-related debt instruments in North America. It invests in commercial mortgage loans; subordinate mortgage interests, mezzanine loans, secured real estate securities, note financing, preferred equity, and miscellaneous debt instruments; and commercial real estate collateralized loan obligations and commercial mortgage-backed securities secured by properties primarily in the office, multifamily, mixed-use, hospitality, industrial, and retail real estate sectors. The company qualifies as a real estate investment trust for federal income tax purposes.

TPG RE Finance Trust Fundamentals Summary

How do TPG RE Finance Trust's earnings and revenue compare to its market cap?
TRTX fundamental statistics
Market CapUS$989.27m
Earnings (TTM)US$40.62m
Revenue (TTM)US$155.99m

24.4x

P/E Ratio

6.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
TRTX income statement (TTM)
RevenueUS$155.99m
Cost of RevenueUS$0
Gross ProfitUS$155.99m
ExpensesUS$115.37m
EarningsUS$40.62m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.53
Gross Margin100.00%
Net Profit Margin26.04%
Debt/Equity Ratio259.5%

How did TRTX perform over the long term?

See historical performance and comparison

Dividends

6.2%

Current Dividend Yield

151%

Payout Ratio

Does TRTX pay a reliable dividends?

See TRTX dividend history and benchmarks
When do you need to buy TRTX by to receive an upcoming dividend?
TPG RE Finance Trust dividend dates
Ex Dividend DateSep 28 2021
Dividend Pay DateOct 22 2021
Days until Ex dividend1 day
Days until Dividend pay date25 days

Does TRTX pay a reliable dividends?

See TRTX dividend history and benchmarks

Valuation

Is TPG RE Finance Trust undervalued compared to its fair value and its price relative to the market?

24.35x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: TRTX ($12.84) is trading above our estimate of fair value ($11.97)

Significantly Below Fair Value: TRTX is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: TRTX is poor value based on its PE Ratio (24.4x) compared to the US Mortgage REITs industry average (9.5x).

PE vs Market: TRTX is poor value based on its PE Ratio (24.4x) compared to the US market (17.9x).


Price to Earnings Growth Ratio

PEG Ratio: TRTX is good value based on its PEG Ratio (1x)


Price to Book Ratio

PB vs Industry: TRTX is good value based on its PB Ratio (0.7x) compared to the US Mortgage REITs industry average (0.9x).


Future Growth

How is TPG RE Finance Trust forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

25.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TRTX's forecast earnings growth (25.1% per year) is above the savings rate (2%).

Earnings vs Market: TRTX's earnings (25.1% per year) are forecast to grow faster than the US market (15% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: TRTX's revenue is expected to decline over the next 3 years (-5.5% per year).

High Growth Revenue: TRTX's revenue is forecast to decline over the next 3 years (-5.5% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TRTX's Return on Equity is forecast to be low in 3 years time (6.2%).


Past Performance

How has TPG RE Finance Trust performed over the past 5 years?

-33.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TRTX has high quality earnings.

Growing Profit Margin: TRTX became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: TRTX's earnings have declined by 33.5% per year over the past 5 years.

Accelerating Growth: TRTX has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: TRTX has become profitable in the last year, making it difficult to compare its past year earnings growth to the Mortgage REITs industry (45.5%).


Return on Equity

High ROE: TRTX's Return on Equity (8.2%) is considered low.


Financial Health

How is TPG RE Finance Trust's financial position?


Financial Position Analysis

Short Term Liabilities: TRTX's short term assets ($5.1B) exceed its short term liabilities ($34.9M).

Long Term Liabilities: TRTX's short term assets ($5.1B) exceed its long term liabilities ($3.7B).


Debt to Equity History and Analysis

Debt Level: TRTX's debt to equity ratio (259.5%) is considered high.

Reducing Debt: TRTX's debt to equity ratio has increased from 179.6% to 259.5% over the past 5 years.

Debt Coverage: TRTX's debt is not well covered by operating cash flow (3.3%).

Interest Coverage: Insufficient data to determine if TRTX's interest payments on its debt are well covered by EBIT.


Balance Sheet


Dividend

What is TPG RE Finance Trust current dividend yield, its reliability and sustainability?

6.23%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: TRTX's dividend (6.23%) is higher than the bottom 25% of dividend payers in the US market (1.33%).

High Dividend: TRTX's dividend (6.23%) is in the top 25% of dividend payers in the US market (3.6%)


Stability and Growth of Payments

Stable Dividend: TRTX has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: TRTX has only been paying a dividend for 4 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (151.3%), TRTX's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: TRTX's dividends in 3 years are forecast to be covered by earnings (78.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.7yrs

Average management tenure


CEO

TPG RE Finance Trust has no CEO, or we have no data on them.


Leadership Team

Experienced Management: TRTX's management team is considered experienced (2.7 years average tenure).


Board Members

Experienced Board: TRTX's board of directors are considered experienced (4.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

TPG RE Finance Trust, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: TPG RE Finance Trust, Inc.
  • Ticker: TRTX
  • Exchange: NYSE
  • Founded: 2014
  • Industry: Mortgage REITs
  • Sector: Diversified Financials
  • Market Cap: US$989.273m
  • Shares outstanding: 77.05m
  • Website: https://www.tpgrefinance.com

Location

  • TPG RE Finance Trust, Inc.
  • 888 Seventh Avenue
  • 35th Floor
  • New York
  • New York
  • 10106
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/26 22:20
End of Day Share Price2021/09/24 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.